Downtown Austin isn't just the most expensive place to rent in the Capital City, it's pricier than anywhere else in the state, according to a new study.
RentCafe's 2019 list of most expensive ZIP codes to rent puts three Austin areas among the 10 priciest in Texas, with 78701 coming in at No. 1.
As the priciest ZIP code in the state, 78701 clocks in with an average rent of $2,885 a month. Rents in the area, which encompasses downtown Austin, North Side, the Medical District, and Rainey Street Historic District, have increased 8.7 percent from last year. For the study, RentCafe used July 2019 averages calculated by Yardi Matrix.
At No. 3 is downtown's neighboring ZIP code of 78703 (Tarrytown, Old West Austin, Westfield, and Clarksville), where average rent is just slightly cheaper, at $2,634 a month. Rents there are up 7.1 percent from last year.
The Central East Austin hub of 78702 ranks ninth, with average rent costing $1,932 a month, a 4.2 percent increase from last year.
Renters in DFW and Houston are faced with steep prices, too. The other top 10 most expensive ZIP codes in Texas are:
- No. 2 — 75205 (Highland Park/Knox-Henderson in Dallas), $2,791 a month
- No. 4 — 75225 (University Park in Dallas), $2,451 a month
- No. 5 — 75201 (downtown Dallas), $2,088 a month
- No. 6 — 77005 (West University Place/Rice Village in Houston), $2,033 a month
- No. 7 — 77006 (Montrose and Hyde Park in Houston), $1,997 a month
- No. 8 — 77002 (downtown Houston), $1,970 a month
- No. 10 — 75022 (Flower Mound in DFW), $1,831 a month
But it could be worse. The three most expensive ZIP codes in America, says RentCafe, are all located in Manhattan, with rents ranging from $5,053 to $6,211 a month.